Golf Cart and Neighborhood Electric Vehicle Market-Rising demand for Electric Ve

The largely consolidated vendor landscape of the global golf cart and neighborhood electric vehicle (NEV) market features a high degree of competitive rivalry among top players, reports Transparency Market Research (TMR) in a new market study. In 2013, the key four companies, namely Textron Inc., Polaris Industries, Yamaha Golf Cart Company, and Ingersoll Rand Corp. held a share of 70% in the overall market.

Savvy players in this market are investing in research and development for innovative products that will help them outshine their competitors. Apart from this, leading companies are focused to formulate new marketing strategies and advertising campaigns that will help increase their customer base.

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The global golf cart and NEV market is projected to rise at a CAGR of 6.4% between 2017 and 2025, for the market to reach a valuation of US,819.2 mn by the end of 2025. By engine, electric powered engine held the leading revenue in the global golf cart and neighborhood electric vehicle market in 2016. Low maintenance cost of electric powered golf carts and government initiatives to reduce pollution are benefitting the electric powered engine segment. Golf carts held the leading revenue over neighborhood electric vehicles on the basis of type in 2016.

Geography-wise, North America dominated the golf cart and NEV market in 2016 accounting for the leading revenue share amongst all regional segments.

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monali Joined: April 13th, 2018